8,900 Shares in Tennant (NYSE:TNC) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in Tennant (NYSE:TNC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 8,900 shares of the industrial products company's stock, valued at approximately $726,000.

Several other institutional investors have also modified their holdings of TNC. Point72 Asia Singapore Pte. Ltd. raised its position in Tennant by 84.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 527 shares of the industrial products company's stock worth $51,000 after acquiring an additional 241 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Tennant in the 4th quarter worth approximately $59,000. KBC Group NV raised its holdings in shares of Tennant by 69.5% in the 4th quarter. KBC Group NV now owns 961 shares of the industrial products company's stock worth $78,000 after purchasing an additional 394 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Tennant by 43.7% during the third quarter. TD Private Client Wealth LLC now owns 839 shares of the industrial products company's stock valued at $81,000 after purchasing an additional 255 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in Tennant during the fourth quarter valued at approximately $92,000. Institutional investors and hedge funds own 93.33% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on TNC shares. StockNews.com cut Tennant from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th. Northcoast Research assumed coverage on Tennant in a report on Thursday, December 19th. They set a "buy" rating and a $125.00 target price for the company.

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Insiders Place Their Bets

In other Tennant news, SVP Barb Balinski sold 1,717 shares of Tennant stock in a transaction on Friday, February 28th. The shares were sold at an average price of $86.42, for a total transaction of $148,383.14. Following the completion of the sale, the senior vice president now owns 11,829 shares of the company's stock, valued at $1,022,262.18. This trade represents a 12.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Richard H. Zay sold 7,053 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $87.58, for a total transaction of $617,701.74. Following the transaction, the insider now owns 25,770 shares in the company, valued at approximately $2,256,936.60. This represents a 21.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

Tennant Trading Down 1.6 %

Shares of Tennant stock traded down $1.22 during trading on Friday, hitting $74.35. The stock had a trading volume of 245,708 shares, compared to its average volume of 137,292. Tennant has a 1 year low of $71.81 and a 1 year high of $122.35. The stock has a 50 day simple moving average of $84.47 and a 200 day simple moving average of $86.48. The company has a quick ratio of 1.43, a current ratio of 1.97 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.40 billion, a PE ratio of 16.97 and a beta of 0.97.

Tennant (NYSE:TNC - Get Free Report) last posted its quarterly earnings data on Monday, February 17th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.13. The firm had revenue of $328.90 million for the quarter, compared to analysts' expectations of $324.00 million. Tennant had a net margin of 6.51% and a return on equity of 19.98%. On average, research analysts expect that Tennant will post 5.89 EPS for the current fiscal year.

Tennant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 1.59%. The ex-dividend date was Friday, February 28th. Tennant's dividend payout ratio is currently 26.94%.

Tennant announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 13th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Tennant Profile

Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, and asset management solutions.